The German carmaker will release a foldable electric scooter in the second half of 2016.

In an interview with the German newspaper Bild, Volkswagen’s CEO Martin Winterkorn announced that the carmaker will release an electric foldable three-wheeler. Very few details were made public, except that it will have a range of 12 miles and weight about 24 pounds. As for the price, Bild says the scooter will cost less than €1,000 ($1,100).

Of course, Volkswagen is not the first carmaker interested in electric two- or three wheelers. All major car manufacturers have at some point over the past few years shown electric scooters or electric bicycles. They know that transportation, especially urban transportation, is in the process of entering a new paradigm. And they all want to be ready with new products for when these new markets take off.